The Department of Economic Development (DED) in Dubai has reminded businesses and companies in Dubai that 30th June 2012, will be the last date to make use of the reductions on fines, granted under a decree by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.

According to the decree, fines payable from 1st January 2012, until 29th February 2012, are to be reduced by 40%. A 30% reduction will be applicable to fines payable between 1st March 2012, and 30th April 2012, while fines payable between 1st May 2012, and 29th June 2012 will be reduced by 20%.

The decree underlines Sheikh Mohammed’s continuous support to businesses and companies in Dubai, and to finding out the actual number of active establishments, which would help in the preparation of essential data and studies on economic activities and licences.

“The first months after the decree saw overwhelming response from the owners of commercial licenses and at least 3,050 fines being paid. Businesses are taking advantage of this opportunity as it facilitates fee payment and provides them additional funds. The fines can be paid in a number of outlets including the main building of DED in the Business Village and its branch offices in Dubai, Central Post Office and various local and international banks across the UAE,” said Mohammad Al Shehhi, Director of Finance Division at DED.

Al Shehhi added: “We expect a 25% increase in fine payments during the last few days up to 30th June. Businessmen and owners of business licences in Dubai should come forward to pay the fines and make use of the 20% reduction as applicable now.”

Joumana Saad

Before joining SME Advisor, I worked as a producer/reporter for Forbes Media in New York. I obtained a Bachelor’s degree in Journalism and International Studies at the University of South Florida in the US. I am currently in Dubai working as Sub-Editor for SME Advisor Middle East, which is a business magazine published by CPI. You can follow me on Twitter: @joumanasaad or @SMEadvisorME and (Joumana Saad) or (SME Advisor) on LinkedIn.

SME Advisor Middle East is aimed at business owners and senior executives across the GCC. Armed with practical advice, it has been highlighting key business issues for the small and medium enterprise segment since its launch in 2005.